MIDDLE EAST FOCUS – APRIL 2021
- DMCC now open for crypto currency business
- UAE and Israel move closer to tax treaty that will help boost foreign investments
- Saudi launches new investment programme to transform economy
DMCC now open for crypto currency business
The Dubai Multi Commodities Centre (DMCC) signed a Memorandum of Understanding (MoU) with the Securities & Commodities Authority (SCA) that is intended to lead to the establishment of rules and regulations for listing and trading crypto currencies in DMCC.
UAE and Israel move closer to tax treaty that will help boost foreign investments
The UAE, the Arab world’s second-largest economy, is moving closer to finalising a double tax agreement (DTA) with Israel that will boost economic activity and make the two nations more attractive to international investors.
Saudi launches new investment programme to transform economy
At the end of March, Saudi Crown Prince Mohammed Bin Salman announced the launch of a new ‘Shareek’ partner programme between the private and public sectors to raise domestic investments to transform the economy as a part of his ambitious Vision 2030 project.
RAK ICC signs deal to permit corporate property ownership
The Ras Al Khaimah International Corporate Centre (RAK ICC) has signed a memorandum of understanding (MoU) with the Ras Al Khaimah Municipality Department (Land and Properties Sector) to permit investors to purchase and register properties in the Emirate, as well as structure their investments under a RAK ICC entity.
Bahrain ranks first in Middle East for cost competitiveness and FDI strategy
Bahrain’s capital Manama has been named as fifth amongst all-sized cities globally and first amongst small and mid-sized cities for FDI strategy in the 2021 ‘Global Cities of the Future’ index published by the Financial Times’ fDi Magazine. Both Abu Dhabi and Dubai similarly ranked in the top 10, with Abu Dhabi placing sixth and Dubai placing eighth.
Saudi Arabia to invest USD66 billion in healthcare by 2030
Saudi Arabia has set out plans to invest $66 billion in healthcare infrastructure and boost the private sector participation by 2030. According to a new Gulf Cooperation Council (GCC) report, published on 4 April, the Kingdom plans to boost private sector participation from 40% to 65%.
Bahrain launches digital Covid ‘vaccine passport’
Bahrain has becoming one of the first nations in the world to launch a digital Covid ‘vaccine passport’. The country’s ‘BeAware’ app enables individuals to show their immunity status two weeks after receiving both doses of the jab when antibodies have started developing.
UAE Cabinet extends Remote Work Visa from Dubai to all Emirates
The UAE Cabinet adopted legislation on 21 March to provide for the introduction of a new ‘Remote Work Visa’ that enables employees from all over the world to live and work remotely from the UAE for one year, even if their companies are based in another country. It also approved a multiple-entry tourist visa for all nationalities.
Bahrain seeks PPP partner to build national metro network
Bahrain has launched a procurement process for the construction of the Bahrain Metro, a multi-billion-dollar project to develop a rail transport network across the kingdom through a public-private partnership (PPP).
Saudi start-ups raise USD76 million in the first quarter of 2021
Saudi start-ups raised USD76 million from 28 deals in the first quarter of 2021, a 137.5% increase on the 13 deals worth USD32 million reported in the fourth quarter of 2020.
Saudi’s share of Gulf economy rises to almost half in 2020
Saudi Arabia increased its share of the GCC economy to almost half in 2020, as it weathered the COVID-19 pandemic better than many its neighbouring Arab states. Saudi accounted for 49.8% of the bloc’s economy in 2020, up from 48.4% in 2019, according to the Al Eqtisadiah newspaper, which used data from the International Monetary Fund (IMF) and Gulf statistical agencies.
